BitMine expanded its Ethereum holdings this week with nearly $200 million in fresh purchases, deepening its lead as the largest single holder of the asset.
The move comes as ETH trades near a one-month low and follows a period of steady distribution by medium-sized wallets, according to on-chain data.
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BitMine’s Acquisition Comes Amid Smaller ETH Holders Offload
Lookonchain, citing Arkham Intelligence, reported that BitMine bought 22,676 ETH from BitGo on December 6 for about $68.7 million. The transaction suggests an average purchase price of roughly $3,028 per token.
Notably, the firm had already acquired 41,946 ETH a day earlier from FalconX and BitGo for about $130.8 million.
These deals build on BitMine’s disclosure last week that it held 3.73 million ETH as of November 30. At current prices, the stash is worth more than $11 billion.
BitMine also reported holdings of 192 BTC, a $36 million position in Eightco Holdings, and $882 million in cash.
Strategy ETH Reserve data shows the company now holds more ETH than its next five peers combined, including SharpLink and the Ethereum Foundation.
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The scale of its treasury places BitMine as the second-largest corporate crypto holder by value, behind only Michael Saylor-led Strategy, the largest corporate holder of Bitcoin.
The latest purchases come during a soft stretch for ETH. BeInCrypto data shows the token has fallen more than 10% over the past month to about $3,027.
Alphractal’s Ethereum Accumulation Heatmap indicates that wallets holding 1 to 10,000 ETH sold heavily near this cycle’s recent peak. Those addresses continue to offload tokens, adding pressure to the market.
Ethereum Accumulation Trend. Source: AlphractalHowever, larger whales with more than 10,000 ETH have shown limited activity, with light distribution but no strong accumulation.
Despite the weakness, several analysts maintain a bullish long-term view.
Fundstrat CEO and BitMine Chair Tom Lee said Ethereum could reach $12,000 if Bitcoin climbs to $250,000, citing the historical relationship between both assets and growing demand for tokenized real-world assets.
He added that ETH could rise as high as $62,000 if its valuation ratio to Bitcoin expands over time.
Source: https://beincrypto.com/tom-lee-bitmine-buys-more-ethereum/
